Goldman expects shares of the search giant will make a big move; here is the options strategy that makes money whether the news is good or bad.

Goldman Sachs is recommending that clients buy a "straddle"—a put and call with the same strike price and expiration—in anticipation that Google (ticker: GOOG) will react sharply to earnings news. The trade is one of the bank's favorite earnings plays, and it tends to be a big money maker. Google stock usually moves at least 6%, up or down, on earnings news, and that...